Connect with us

MCB post profits of Rs 7, 2 billion

l'eco

MCB post profits of Rs 7, 2 billion

MCB Group post profits of Rs 7, 2 billion for Financial Year ending 30 June 2018. The profits after tax of the most important banking group in Mauritius is on the rise by 7, 7% compared to corresponding period last year. The operating income of the Group is also on the rise by 9, 3% to 16, 9 billion whilst net fee and commission income grew by 7, 1%.

Deposits from customers also grew by 8, 3% up to Rs 297, 7 billion and loans grew by 18, 5% up to Rs 211, 1 billion. The total assets of the Group grew by 11, 9% and stands at Rs 386, 4 billion. Segment A (retail banking) accounted for 43% of the group profits whilst the Segment B operations accounted for 40% of the profits.

Commenting on these results, Pierre Guy Noel, Chief Executive Officer of the Group said :

“Notwithstanding a still difficult operating context, the Group posted a growth of 7.7% in profit attributable to equity holders which reached Rs 7,221 million, with the combined share of foreign-sourced income and non-banking operations standing at 57% thereof”.

“Backed by the Group’s diversification strategy, operating income sustained its growth momentum to increase by 9.3% to Rs 16,951 million. This performance was supported by a rise of 12.3% in net interest income amidst a notable pick up in loans and advances, mainly driven by the international activities of MCB Ltd, and improved margins linked to higher rates on foreign currency loans and the favourable evolution in yields on T-Bills during the year. Net fee and commission income increased by 7.1%, underpinned by higher receipts from regional trade finance linked to the Energy & Commodities business, cards activities and inroads made by MCB Capital Markets Ltd. Whilst profit on exchange grew by 4.0%, ‘other income’ edged up by only 1.6% reflecting lower contribution from disposal of investment at the level of MCB Equity Fund Ltd”.

To Top